Uttam Tibrewal, Executive Director & Deputy CEO at AU Small Finance Bank, highlights the key attractions of festive offers:
Ravi Lalwani: What festive offers have been introduced by AU SFB recently? Have these offers been successful in achieving their targets?
Uttam Tibrewal: AU Small Finance Bank (AU SFB) has recently launched its biggest shopping festival of the year, ‘AU Heart To Cart,’ which runs from October 3rd to November 3rd, 2024. This month-long campaign is designed to provide our customers with an exciting and rewarding shopping experience, offering exclusive deals across a wide range of banking services and shopping categories. The festival features an array of benefits, including discounts, gift vouchers, and assured rewards on credit and debit cards, as well as special benefits on accounts, lockers, and fixed deposits. Additionally, our business customers can enjoy exclusive benefits worth over Rs2000 through digital activations.
We are encouraged by the initial response, which indicates a significant uptake in categories such as electronics, travel, and dining. These positive trends suggest that we are on track to achieving our campaign goals, demonstrating the success of ‘AU Heart To Cart’ in delivering value to our customers.
What are the common reasons for people in rural areas or tier 3 cities to approach during the festive season?
During the festive season, customers from rural areas and tier 3 cities commonly approach us for a variety of financial products. Credit card offers are particularly appealing during this time as they enable large purchases and gifting, making the festive period more convenient. Locker facilities are also in high demand.
Which products are the most popular among your customers during the festive season?
During the festive season, our customers demonstrate a strong preference for various financial products that offer convenience, rewards, and financial flexibility. Credit and debit card offers are particularly popular, especially for electronics, travel, and dining, due to the attractive discounts and rewards they provide. Our customers also show significant interest in secure and high-yielding savings options, such as fixed deposits, which benefit from higher interest rates. Business customers, meanwhile, are drawn to our exclusive offerings towards POS/QR solutions, which streamline their payment processes.
What marketing channels does your organization use to reach your customers for festive offers?
To effectively reach our customers with festive offers, we employ a multi-channel marketing strategy, seamlessly integrating digital and traditional platforms. Digitally, our AU 0101 app serves as a primary hub for promoting festive deals, providing customers with effortless access to our offers. Supplementing this are relevant effective SMS alerts and engaging social media content across popular platforms. In-branch promotions further enhance our outreach, ensuring that customers visiting our branches stay informed about ongoing offers.
Strategic partnerships with leading brands across multiple categories also amplify our reach, leveraging their marketing channels to expand our visibility. By embracing this holistic approach, we ensure maximum visibility and accessibility of our festive offers, catering to diverse custom
Which type of offer is more popular among your customers, festive offers or seasonal offers?
Among our customers, festive offers tend to evoke greater enthusiasm compared to seasonal offers. India’s festive season is synonymous with significant purchases and investments, such as electronics, travel, and new investments. This cultural phenomenon drives heightened interest in our festive offers.
The ‘AU Heart to Cart’ campaign, with its wide range of exclusive deals across shopping and banking categories, has already seen significant engagement. This suggests that festive offers resonate more with our customers, as they combine savings with a sense of celebration. This preference stems from the emotional connection customers have with festive occasions, amplifying the appeal of tailored offers that cater to their unique needs during this time.
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